SG Market (14 Aug 12)

SG Market: S’pore shares are likely to trade sideways following the downbeat performance on Wall Street as investors wait out for hopes of possible coordinated central bank action next month. Meanwhile, the STI is expected to consolidate its gains within the 3030 and 3100 range. Volume may remain sluggish as investors digest a slew of earnings reports. Noble’s 2Q results blew out expectations, mainly boosted by non-recurring gains and tax reversal. STX OSV results were in line but proposed a 13¢ special dividend surprise. SingTel 1QFY13 headline numbers were in line but core earnings missed estimates. ConforDelgro and Bumitama results were in line, while City Dev was below par. Yanlord posted above par results.